Bitcoin enthusiast and crypto fund manager Brian Kelly has told CNBC that Bitcoin price could rise further in the coming months.
His prediction isn’t unfounded; there is an impending supply cut on the horizon and this should help to push prices higher.
Brian Kelly Predicts Bitcoin Price will Rise
In an interview on CNBC’s Fast Money program yesterday, May 21st, Kelly explained that “the halvening,” which is due to take place in 2020, will cut mining rewards in half.
As such, he expects miners to begin hoarding BTC if they aren’t already doing so. This increased demand should see Bitcoin price rise as the supply becomes lessened.
Further, the coin is being spurred on by increased industrial adoption and use in retail.
Kelly described the four-year cycle that leads up to “the halvening,” saying:
“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”
The fund manager goes on to say that investors should dedicate between 1% to 5% of their portfolio to cryptocurrency while prices remain stagnated around the current levels of $7,900.
Brian Kelly Predictions
Kelly has been a guest on Fast Money several times where he has made predictions for the future of Bitcoin and cryptocurrency.
Recently, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019. We are still waiting on that one, however.
Other analysts believe there are several reasons for BTC’s recent surge. One idea suggests the United States and China trade war could be a reason. Another impetus could be the increased adoption of the mainstream. For example, Ebay recently caused a stir when photos of its banners at the Consensus conference in New York, leaked onto the web.
Saying: “Virtual Currency. it’s happening on Ebay”, the banners made many believe that the e-retailing giant is about to enter the cryptocurrency space. Ebay has yet to confirm anything, however.
Featured Image: Deposit Photos/stevanovicigor